Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; donot select any information and do not enter a zero. Abbreviation used: Supp. = Supplies)(Click the icon to view the transactions.)Date2024Oct.Oct. 1Post. Accounts Merchandise OfficeSupp.Account Credited Terms Ref. Payable CR Inventory DR DRBall Co.Milly Co.Mor Slip Co.VendorOct. 11Oct. 24Purchases JournalPurchased merchandise inventory on account with credit terms of 5/10, n/30 from Milly Co.,$3,000.Purchased office supplies on account from Ball Co., $650. Terms were n/EOM.Purchased furniture on account with credit terms of 3/10, n/60 from Slip Co., $1,700.PrintDonePage 6Other Accounts DRAccount Post.Title Ref. Amount

Purchase Journal is an accounting Journal which is specialized to record the purchase transactions…

Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; de not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies) i (Click the icon to view the transactions.) Date 2024 Oct. Oct. 1 Vendor Ball Co. Milly Co. Mor Slip Co. Oct. 11 Oct. 24 Purchases Journal Account Credited Terms Ref. Payable CR Inventory DR Post. Accounts Merchandise Office Supp. DR 4 Other Accounts DR Account Post. Title Ref. Amount Purchased merchandise inventory on account with credit terms of 5/10, n/30 from Milly Co., $3,000. Purchased office supplies on account from Ball Co., $650. Terms were n/EOM. Purchased furniture on account with credit terms of 3/10, n/60 from Slip Co., $1,700. Page - X

Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; de not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies) i (Click the icon to view the transactions.) Date 2024 Oct. Oct. 1 Vendor Ball Co. Milly Co. Mor Slip Co. Oct. 11 Oct. 24 Purchases Journal Account Credited Terms Ref. Payable CR Inventory DR Post. Accounts Merchandise Office Supp. DR 4 Other Accounts DR Account Post. Title Ref. Amount Purchased merchandise inventory on account with credit terms of 5/10, n/30 from Milly Co., $3,000. Purchased office supplies on account from Ball Co., $650. Terms were n/EOM. Purchased furniture on account with credit terms of 3/10, n/60 from Slip Co., $1,700. Page - X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Blossom Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Blossom uses a perpetual inventory system. June 1 Purchased 25 water tubes for $260 each terms n/30 FOB destination. 8 Returned 4 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes. 10 Freight charges of $100 for the June 1 transaction are paid by the responsible party. 11 Made a complaint about competitive pricing. Received a $400 credit for the water tubes purchased on June 1. 15 Purchased 110 water tubes for $235 each on account, terms 2/10 n/30. 18 Made payment for the amount owing for the June 1 transaction. 20 Made payment for the amount owing for the June 15 transaction.
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Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000. No further returns are expected c. Just three days later SRU paid SSG, which settled all amounts owed. . Prepare…
Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies) a (Click the icon to view the transactions.) Purchases Journal Page 6 Other Accounts DR Vendor Post. Accounts Merchandise Office Account Post. Date Account Credited Terms Ref. Payable CR Inventory DR Supp. DR Title Ref. Amount 2024 Oct. More Info Oct. 1 Purchased merchandise inventory on account with credit terms of 2/10, n/30 from Milk Co., $2.700, Oct. 11 Purchased office supplies on account from Book Co., $400. Terms were n/EOM. Oct. 24 Purchased furniture on account with credit terms of 4/10, n/60 from Slip Co., $1,600. Print Done
Hi when it says "Contra against purchase ledger", it means it can be registered on both Sales and Purchase ledger accounts? or only Sales? What about if says "Sales in balance set off against purchase ledger "? Thanks
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Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done
Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit. Why not put both types of credits in the same column and save journal space?